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Affordable Housing Analysis in Zip Code 55116: LIHTC Projects and Demographic Trends
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 55116 in St. Paul, Minnesota, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area has 560 total units in LIHTC-funded projects, with 276 designated as low-income units. Based on the 2022 population of 26,885 and an estimated 10,301 housing units, LIHTC-funded affordable housing represents approximately 5.4% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 55116 have received $2,246,479 in tax credits, averaging about $4,012 in federal funding per unit. This funding represents 0.77% of Minnesota's total LIHTC allocation, indicating a substantial investment in affordable housing for this area.
Affordable housing has been present in zip code 55116 for over a decade, with projects completed between 2005 and 2012. The earliest projects, Graham Place and Rivercrossing, were both completed in 2005, while the most recent addition, Fort Road Flats, was finished in 2012. The late 2000s to early 2010s saw the most activity in affordable housing development in this area.
The housing mix in these LIHTC projects is diverse, with a focus on smaller units. There are 261 one-bedroom units, 273 two-bedroom units, and 26 three-bedroom units, catering to various household sizes and needs. One notable project, Rivercrossing, specifically targets female heads of households with children and families of color. This focus addresses the unique needs of these populations, potentially providing support services and community resources tailored to their requirements.
Over the past decade, zip code 55116 has seen fluctuations in population, with a general upward trend since 2018. The median income has also varied, reaching a peak of $89,304 in 2018 before settling at $80,368 in 2022. This relatively high median income suggests a mixed-income community where affordable housing plays a crucial role in maintaining diversity.
The racial composition of zip code 55116 has remained relatively stable, with a slight decrease in the white population from 77% in 2017 to 73% in 2022. There has been a small increase in the Black population, rising from 12% to 14% during the same period. The Asian and Hispanic populations have remained relatively constant at around 2-3% and 4% respectively.
The presence of LIHTC projects targeting families of color aligns with the gradual increase in racial diversity observed in zip code 55116. This suggests that the affordable housing initiatives may be contributing to the area's evolving demographic profile.
Zip code 55116 in St. Paul demonstrates a commitment to affordable housing through its LIHTC-funded projects. While these units represent a small portion of the overall housing stock, they provide crucial affordable options in an area with relatively high median incomes. The diversity in unit types and targeted populations reflects an effort to meet various housing needs. The correlation between the LIHTC projects and the area's demographic trends suggests that these affordable housing initiatives may be playing a role in shaping the community's socioeconomic landscape.
